Six Different Types of Business Research to
find Your Leads
Decision-making is a crucial aspect of any business venture. A business owner can
make firm decisions and stand by them, only when he is well aware of the
surroundings of his marketplace. Along with the internal factors about your
business, you also need to have complete understanding about the external factors
affecting your products, services and overall business. Business research comes
forward as the best solution to this dilemma. Business or industry analysis is the
systematic process of gathering all the relevant market data, which is then
organized and analyzed to draw conclusions that are relevant to your industry.
These reports contain essential information about the market trends, segments,
customer groups, demands, competitors and all the key players in the marketplace.
Basic Types of Market Research for Your Business
Various business research companies use different types of tools, techniques and
methods for marketing analysis. These methods and types vastly depend on the
particular requirements of the business owners and their research project.
However, following are the basic types of industry analysis that are commonly used
by various study firms across the globe:
ď&#x201A;ˇ Quantitative Analysis: This method deals with collecting all the objective and
numerical data from various resources. Various statistical models and formulas
help the experts to collect market data about the features. Questionnaire is the
basic tool, which provides adequate information about customer behavior and
their approach towards a particular product or company. Compiling complete
statistical investigation is the basic aim of quantitative analysis. Hence, the
questions are also in objective sorts that draw yes and no responses from the
customers chosen for the tests.
ď&#x201A;ˇ Qualitative Analysis: Qualitative analysis is exactly opposite to quantitative
study. It is thoroughly subjective and deals with the market data, which can be
stored in the form of words and visual presentations. In this study, experts
observe customers the record and analyze their responses in the form of
answers and queries. These responses include various answers to open-ended
questions, their overall behavior and results of various tests performed on
them. Qualitative examination mainly depends on case studies, which helps the
experts to collect the required market data.
ď&#x201A;ˇ Observations: This is the basic weapon at the disposal of the experts
undertaking your projects. Observational research plays a vital role in collecting
crucial market data, which all the other methods cannot do. It is the method of
collecting valuable data without any interference or inputs from the experts.
They plainly observe the customers and their behavior and then carry out
reports based on these observations. They record the feedback and complaints
of the customers based on their preferences and suggest improvements.

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Experiments: Business analysis based on experiments helps the researchers
to change the set parameters and observe the results according to these
changes. These projects generally take place in dedicated laboratories, but can
also be performed at other places. This technique helps the experts understand
various aspects and conditions that affect the behavior of target customers.
Basic Research: Basic study concentrates of collecting all the basic things that
are crucial yet unknown for the business or product.
Applied Research: This study helps you understand answers to all the crucial
issues and problems troubling your business.
Developmental Research: This study is very similar to applied analysis.
However, it mainly focuses on using known solutions for product improvements
and new business ventures.

About MarketsandMarkets
MarketsandMarkets is a global market research and consulting company based in
the U.S. We publish strategically analyzed market research reports and serve as a
business intelligence partner to Fortune 500 companies across the world.
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